8 MONEY Habits That Are Keeping You POOR

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Toby Mathis Esq | Tax Planning & Asset Protection

Күн бұрын

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In today's video, we'll tackle a crucial topic: the eight money habits that might keep you financially strained.
As a tax attorney, I constantly observe the differences between those who are financially successful and those who are not.
There are distinct patterns and behaviors that set these groups apart, and understanding these can help you improve your financial situation.
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Show Notes:
0:00 Fail to Direct Your Money
3:31 No Savings/Emergency
4:24 Saving vs Investing
7:37 Wait
8:47 Debt vs Leverage
11:07 Compounding
13:49 Overspending
16:25 Understanding Taxes
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#money #financialeducation #finance #wealthbuilding

Пікірлер: 103

@TobyMathis Ай бұрын

Join Infinity Investing as a Basic Member and Unlock Your Free Training Today! 👉inf.link/110

@Ramjit275 Ай бұрын

As a once poor person, I didn't believe this would work for me. All you said I told myself it just won't work for me. Then I had no choice but to do what you said because no one was coming to help me.

@michaelepp6212 Ай бұрын

It feels hopeless at first, but after about five years, if you can stay the course, you'll start to see results

@raulthepig5821 26 күн бұрын

I think your last sentence said it all. "Then I had no choice but to do what you said because no one was coming to help me." Instead of helping yourself you were always expecting someone else to do the heavy lifting for you, until you realized no one was coming to your aid. Congrats on your decision.

@lexxieb787 Ай бұрын

The first three and a half minutes were confusing to me lol For those who may not get it til a few minutes after... 30% breaks down into 10% give it away (charity) + 10% investment account + 10% pay down debt

@meritholdingllc123 Ай бұрын

Excellent advice. Compound interest and leverage are the biggest difference makers to growing wealth.

@Ramjit275 Ай бұрын

Dividends and reinvesting those dividends

@EDavis-bu7cx Ай бұрын

Awesome! I sent this to my kids to watch. They're very young adults, and I've tried to teach them these sorts of things, but it's wonderful to have this resource available for them.

@max55well Ай бұрын

Thanks sir! Nobody explained debt and leverage like you did.

@gracewalsh4908 Ай бұрын

👍 I love this video! Great info 😊

@petecardona8203 Ай бұрын

Thank you for your valuable information. Appreciate it ❤

@ElLeNoir..ELconomics Ай бұрын

Coach!! You're the man

@TobyMathis Ай бұрын

Appreciate the support =)

@jayklarquist7912 Ай бұрын

Thank you. Your videos always seem so well thought out.

@TobyMathis Ай бұрын

Glad you like them!

@ReAl-uu8ku Ай бұрын

A great video! Thank you from Canada!

@GeoffsCornerOffice Ай бұрын

Great stuff, Toby - love a good chalkboard teaching session

@TobyMathis Ай бұрын

More to come!

@58breezing Ай бұрын

Convenience stores are the death of me.... The small mundane things in life leave me empty at the end of the week. Death by a 1000 cuts. Overcoming this issue will have my Emergency Fund complete by the end of the year. TY! Good stuff...

@jackxkodiak2024 Ай бұрын

A great vid. Very well done and presented.

@TobyMathis Ай бұрын

Thanks for watching =)

@Joce123 Ай бұрын

With the current economy I don't think that your advice applies to most of us. Maybe the part about having an emergency fund but holy Moly people are losing their jobs. Left and right. 330 people just lost their job In our town at a call center in Minnesota.!. Talk about the impact on the local store is in the day care centers and the landlords.

@TheRawKeyPets Ай бұрын

It applies. Think about it. What if all 330 people that lost their jobs had been saving their 30% in savings and investments while they were working. They had 3 to 6 months of salary saved up so when they lose their job they can still pay their rent and car payment out of that savings instead of going into debt or getting evicted. Maybe some of them take their savings and start a business and as their business grows they take on employees adding to the job market in your town. Because they have savings they don’t go into debt during the job search so when they get a new job they can save even more. Even the poorest people make poor financial decisions that can make a difference in what they can save. For example, most poor people buy processed foods, meat and dairy, which are the most expensive foods, or they eat at fast food restaurants wasting even more money. Switch to the natural human diet of fruits and salads and the grocery bill drops by 75%. That is hundreds of dollars a month saved by most people right there. Always shop at the grocery store, never buy from a convenience store or dollar general, that is a huge savings again. Quick alcohol and cigarettes if they use them and that is another $1000 to $10000 in the savings at the end of the year.

@netsanetwtensae2761 Ай бұрын

Just loved the way you delivered your message. Direct and simple. Thanks.

@TobyMathis Ай бұрын

My pleasure!

@derekcasanares4785 Ай бұрын

Great share!!!

@MarkfromTexas73 Ай бұрын

excellent material as always, Toby

@multibucker Ай бұрын

Brilliant, thank you Toby.

@rodramos642 Ай бұрын

Great show lots of good info. The one piece of advice I would give someone is to learn about taxes. Once I learned a bit about taxes and got the right help it literally changed my life.

@sglacf 16 күн бұрын

Where can I learn about taxes, I feel like that's the area I need to learn the most

@danada45 Ай бұрын

Question. When you say invest 10%, this is to a retirement account tor brokerage account? Or should the emergency fund should be in the brokerage account and the 10% in a retirement IRA account t? Thank you

@steveparker2932 Ай бұрын

Great Video. What about diversifying into Life Insurance also.

@willmallory9085 Ай бұрын

Excellent video Brother

@gavnonadoroge3092 Ай бұрын

thank you

@worldwideachievers1234 Ай бұрын

Great info! Basic knowledge but so many people don’t understand it.

@TobyMathis 28 күн бұрын

Glad it was helpful!

@MrNanah38 Ай бұрын

It first starts with the mind. You must, and i mean must, change the mindset before any lasting change to take effect.

@averagedudeusa9722 24 күн бұрын

People who wait to save are just delaying their success. Great video

@EmpoweringCoach Ай бұрын

what do you suggest for older folks who didn't put into retirement and do not have time for investments to grow. Have emergency fund and mortgage almost paid off.

@michaelepp6212 Ай бұрын

Save and invest your mortgage payment once the mortgage is paid off. You'll probably have to keep working, though.

@TobyMathis Ай бұрын

I would recommend setting up a free consultation to talk about some strategies and how they apply to your unique situation. Sign up here: aba.link/tby

@enjpfluke Ай бұрын

excellent. gonna show this video to my high schoolers.

@TobyMathis Ай бұрын

Thank you for sharing the video with your high schoolers. It's great they're learning about this at a young age.

@jarrettosburn8879 24 күн бұрын

What tax book do you recommend for a high paying W2 earner? I want to learn about loopholes and create an LLC to do so.

@TobyMathis 23 күн бұрын

I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/tby

@sepulkariy Ай бұрын

These advices are good till the next big crisis. I went through a total collapse of my country, and this type of event would make you strategy leading to a total loss of all funds. The world is changing fast.

@EllyL-sr7uv Ай бұрын

I assume these advices work the best in the US or other western countries. Not in unstable unpredictable, authoritative societies.

@sepulkariy Ай бұрын

@@EllyL-sr7uv Soviet Union looked absolutely stable in 1984, collapsed in 7 years.

@Madchris8828 18 күн бұрын

Really well explained. Loved your passive income empire video as well. Its saved as a favorite for me. I use it everyone once in a while as motivation to not buy stupid things 😂

@TobyMathis 18 күн бұрын

I'm glad you found the video helpful

@russellsigler1985 Ай бұрын

I would figure out your budget. And never use a debit card again. I quit using a debit card years ago. And now only use a credit card that builds points. And put that towards my payment. But you must have discipline to not just go crazy

@majidbarznji568 27 күн бұрын

I never invested.I opened my Roth but how to invest from there?do the government automatically invest it for me?

@annaa.5863 23 күн бұрын

Great video! New subie here, tfs.

@TobyMathis 23 күн бұрын

Thanks for subbing!

@heart_and_sole 19 күн бұрын

The First of Charities is?...to not be a burden on others. Put your fires out first, before trying to put out other's fires. There will always be others. Jim Rohn put it like this: I will take of me for you. And you take care of you for me.

@wendyshoowaiching4161 Ай бұрын

Giving is a must to perserve wealth. Karma

@thenosepicker Ай бұрын

Somebody get this man a milkshake from In And Out

@davidweeks1997 Ай бұрын

Bonus: we don't have budget problems, we have income problems. (That's not mine, but I like it!)

@TobyMathis Ай бұрын

I like that:-) Thank you.

@donkemp8151 Ай бұрын

I’d say we have a spending problem, not an income problem.

@BoomlandJenkins Ай бұрын

Take a shot every time he says "the poor" ...

@jasonbaxter5502 Ай бұрын

For one having a good tax guy.

@petecardona8203 Ай бұрын

What would happen if a crash happens?

@robertwalker5521 Ай бұрын

Call the police, make sure there are no injuries, ask favorable witnesses to give a statement

@Myscentsei Ай бұрын

Do wealthy "give" to write off and get it back?

@blackgrandpa7652 19 күн бұрын

I have been doing my employer match for over 30 years in a taget date fund that matures in 2035 thats on pace to make me a millionaire

@Mark-bh8mb 5 күн бұрын

Target date fund lol

@jackiemansfield8325 Ай бұрын

What keeps you poor is keep going to the casinos.

@TheRawKeyPets Ай бұрын

Or lottery tickets, energy drinks, cigarettes, alcohol, coffee, soda, shopping at convenience stores…

@Hi-jx5oe Ай бұрын

Is private school considered an investment?

@meritholdingllc123 Ай бұрын

It depends. Does it lead to more income?

@tonychau5786 Ай бұрын

Depends on the major and the programs that the private school had to offer

@cogentdesign 25 күн бұрын

I put 10% a month into investments. Can't afford it. But it always works out somehow.

@STEVE-lk2ft Ай бұрын

You need to spend more time making money! One strategy is work more hours. I meet so many people that think 40 hours is the max they will work a week. Buy a house and rent a room out to help pay the mortgage! These strategies he is talking about are for people who have money.

@belovedhabeeb549 Ай бұрын

It’s funny as I watch this I just got a notification that FICO hit a 52 week high ! INVEST YOUR MONEY PEOPLE

@michaelepp6212 Ай бұрын

It's time to sell some and buy a different beaten-down value stock

@samuk9 27 күн бұрын

I don't understand the concept of " Giving it away" - money, or time. Is it a moral thing, or is there something else that I don't understand?

@brucey5585 24 күн бұрын

The biggest advice is to invest in yourself. If you don't understand anything, learn more about. The more you learn the more you will know how to diversify your investment.

@RichardWalter-oo6pw 23 күн бұрын

Most families don’t have 10 percent to invest

@jimbobjim2310 21 күн бұрын

Sure, but those same people have $$ for cigarettes, convenience store purchases, and Netflix subscriptions

@tylerarnold943 24 күн бұрын

The only thing keeping me poor is the Canadian government.

@MB031 Ай бұрын

Yes, sure but you need to have a decent paid job or have a job at all !!! Many people just barely survive today and everything is so expensive just to get by....

@joschkahurst 6 күн бұрын

Live off of 50% and create a flywheel with 50% in your own hedge fund.

@lizglavin67 Ай бұрын

Way too many adds

@nataliepapolis 10 күн бұрын

Give it away😅😅😅😅😅😅😅😅give it non profit so the ceo gets ticher😅😅😅😅😅😅red cross ceo makes 300,000$ a year😅😅😅😅😅

@ericbradt2004 16 күн бұрын

115,000 working at McDonald’s?!

@TobyMathis 13 күн бұрын

$4.15 per hour:-)

@davidglad 7 күн бұрын

It's funny. Obviously if he grossed roughly about 160 on a weekly paycheck as a teen, he meant to say 115 for the net after Sam proved what a great uncle he is. Out of habit likely said thousand because these days he's used to bigger dollar amounts

@jasonbaxter5502 Ай бұрын

2 not having a KZfaq channel 😅😅

@robertwalker5521 Ай бұрын

Get someone else to write on the chalk board.

@georgelennox1803 17 күн бұрын

Have to be smart with money like stocks and bonds investment with banks in exchange trade funds me my sister very wealthy people in Canada could make you multibillionaire

@seandvideo Ай бұрын

You lost me at give it away.

@gmac5910 Ай бұрын

He is just saying what he sees wealthy people doing.

@joja2568 27 күн бұрын

Live off of 70 keeps u poor

@nileslivingstonsr3930 25 күн бұрын

Thanks. ...Ezekiel 2:1-3:27; 7:1-27; 14:1-23; ...18:1-32 ( King James Bible ONLY! ); ...20:1-22:31; and 33:1-33!! ( I Tim. 6:3-10; Jer. 6:13-14; 8:10-11; Daniel 11:15; Luke 14:11; ...Rev. 3:14-18; ...9:20-21; ...17:1-18:24; ...22:18-19; Prov. 1:1-33; 4:18-27; 8:1-36; ...Zephaniah 1:1-3:20; Nahum 1:1-4:19; Malachi 1:1-4:6; ...Matt. 4:4; I Tim. 4:13-26; Luke 24:25-27, 44-45; Acts 24:14; Rev. 1:3; Isa. 34:16; 8:20 ( but who pays ATTENTION to the details of God's holy written word, in THESE LAST DAYS?? ...Matt. 24:1-25:46; II Thess. 2:1-12; and Rev. 13:1-18; ...Daniel 1:1-12:13, for details. ...P.S. Prov. 28:4-7, 22; Dan. 12:3, 10. ...Amen.